Marijuana and hemp are the best-known strains of cannabis sativa plant for its medical and recreational benefits. CBD and THC are the most important bioactive compounds present in the plant. Moreover, over 100 phyto cannabinoid compounds have been identified in the Cannabis sativa plant alone. CBD is a non-intoxicating cannabinoid associated with health benefits and includes analgesic properties. THC, an intoxicating agent, is commonly present in marijuana but is present at less than 0.3% in hemp; thus, hemp is the preferred source for obtaining CBD. In recent years, the market for medical cannabis has seen a significant rise in demand, majorly from the CBD oil industry.
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Although CBD products provide health benefits, manufacturers still face several regulatory issues. Both the FDA and the European country regulators prohibit manufacturers from selling their products as dietary supplements and are not allowed to claim any health benefits from consuming CBD beverages. The increasing legalization of cannabis and its increasing adoption across the globe are the factors driving the demand for CBD-infused beverages. Moreover, the CBD-infused beverages market is witnessing several upcoming trends and opportunities, further propelling growth in the industry. The initiation of research and development activities for the production of healthy CBD products is expected to drive the market during the forecast period 2019-2025.
Cannabis legalization has also played an active role in accelerating the CBD-infused beverages market growth. The easy availability of cannabis plants and easy execution of pure cultivation and harvesting steps also contribute significantly toward the growth of the market. With more companies entering the market and making significant investments, the CBD beverages industry is expected to grow at an unprecedented rate.
In contrast to this scenario, several challenges existing in the market tend to hamper the market growth. The risk of side effects is one of the significant challenges faced by the CBD beverages market. Moreover, stringent regulations in different parts of the globe and lengthy approval processes collectively act as restraints that hinder the North America CBD market growth. Consequently, to abide by the state’s or country’s policy, CBD products’ production cost has become significantly high, further owing to the complicated distribution channel. With the rapid adoption of CBD-infused beverages the excitement for the product among the consumers, has led to increasing demand for CBD-infused beverages in the non-alcoholic segment. Several well-established alcohol companies are showcasing an interest in the industry. They are investing in the manufacturing and distribution of CBD-infused alcoholic drinks, which are expected to witness high market growth in the coming years.
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The strategies followed by various prominent companies of the global CBD-infused beverages market to sustain the competition and expand their market share vary from product launches to collaborations and partnerships. Among the different key developments, synergistic strategies (agreements, collaborations, and partnerships) have been the most preferred strategies for the past years (April2017-April 2020). The global CBD-infused beverages market witnessed approximately 60synergistic developments. The medium and small-medium enterprises are also venturing into the market and sustaining the competition through mergers and acquisitions as well as development and launch of new products.
The result of the emerging strategies and developments in the form of partnerships, collaboration, and joint ventures are already leading to visible market growth. Moreover, the growing demand for CBD-infused beverages is further expected to increase the involvement of companies across different segments of the value chain.